Investor Presentation • Aug 15, 2022
Investor Presentation
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HALF-YEAR H1 2022 EARNINGS CALL
August 15, 2022
This document is being presented solely for informational purposes and should not be treated as giving investment advice and does not constitute or form part of, and should not be construed as, an offer to buy or subscribe, nor an invitation to submit an offer to buy or subscribe any of Brockhaus Technologies AG's ("BKHT") securities. It is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. All and any evaluations or assessments stated herein represent our personal opinions. We advise you that some of the information is based on statements by third persons, and that no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.
This presentation contains certain forward-looking statements relating to the business, financial performance and results of BKHT and its (future) subsidiaries (collectively the "Brockhaus Technologies") and/ or the industries in which Brockhaus Technologies operates. Forward looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation, including potential transactions, assumptions, opinions and views of Brockhaus Technologies or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in the markets in which Brockhaus Technologies operates, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and Brockhaus Technologies' ability to achieve synergies from acquisitions. In general, the potential impact of the Russian war of aggression on Ukraine and COVID-19 on Brockhaus Technologies business is uncertain and will, among others, depend on the further development of the war and the pandemic and other developments worldwide such as energy sanctions or the (re-)implementation and duration of national and regional lock-down measures or the development of leading international economies in light of the pandemic. Brockhaus Technologies does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update the statements in this presentation to reflect subsequent events. The forwardlooking statements in this presentation are made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of Brockhaus Technologies with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of Brockhaus Technologies since such date. Consequently, Brockhaus Technologies does not undertake any obligation to review, update or confirm recipients' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation.
For information on performance indicators, please refer to Note 7 of BKHT's consolidated financial statements for 2021.
Neither Brockhaus Technologies, nor any of its respective board members, directors, officers, employees, affiliates, agents or advisers nor any other person shall assume any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to unverified third person statements, any statements of future expectations and other forward-looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein, or otherwise arising in connection with this presentation.
This presentation is made available on the express understanding that it does not contain all information that may be required to evaluate the purchase of or investment in any securities of BKHT. This presentation is accordingly not intended to form the basis of any investment decision and does not constitute or contain (express or implied) any recommendation to do so.
Confirmation of FY 2022 guidance with revenue of between €140m - 150m and a continued high adj. EBITDA margin of 35%
Strong balance sheet quality with cash and cash equivalents of €32.2 million as per end of June 2022 despite early repayment of parts of an acquisition loan in Q2 2022
High order backlog per end of June 2022 providing visibility for the second half of the year
Note: For definitions and detailed explanations of the alternative performance measures, please refer to page 87 onwards of our 2021 Annual Report and page 16 of our H1 2022 Half-Year
1) Comparable IFRS revenue figure for H1 2021 not available; Bikeleasing only accounted German GAAP prior to acquisition
| Reportable Segments | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Financial Technologies |
Security Technologies |
Environmental Technologies |
Central Functions and Consolidation |
BKHT Group | ||||||
| [€ thousand] | H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 |
| Revenue before PPA | 52,109 | - | 14,884 | 12,718 | 8,072 | 9,757 | 1 | - | 75,067 | 22,476 |
| Revenue Growth | n/a | 17.0% | -17.3% | 234.0% | ||||||
| Gross Profit before PPA | 33,542 | - | 11,109 | 8,687 | 6,379 | 7,745 | 9 1 |
1 | 51,122 | 16,433 |
| Gross Profit Margin | 64.4% | 74.6% | 68.3% | 79.0% | 79.4% | 68.1% | 73.1% | |||
| Adjusted EBITDA | 24,634 | - | 2,992 | 2,138 | 1,840 | 3,069 | (2,530) | (2,650) | 26,937 | 2,556 |
| Adjusted EBITDA Margin | 47.3% | 20.1% | 16.8% | 22.8% | 31.4% | 35.9% | 11.4% | |||
| Adjusted EBIT | 23,940 | - | 2,435 | 1,756 | 1,272 | 2,543 | (2,594) | (2,700) | 25,054 | 1,599 |
| Adjusted EBIT Margin | 45.9% | 16.4% | 13.8% | 15.8% | 26.1% | 33.4% | 7.1% |
Total cash and cash equivalents of €32.2 million as per end of June 2022
| (€ thousand) | 30.06.2022 | 31.12.2021 | |
|---|---|---|---|
| Senior loans | 72,486 | 79,979 | |
| Subordinated loans | 52,507 | 49,696 | |
| Real estate loans | 5,742 | 5,942 | |
| Cash and cash equivalents | (32,163) | (30,327) | |
| Net debt from loans | 98,572 | 105,290 | |
| Other financial liabilities | 6,989 | ||
| Lease refinancing | 149,335 | 128,179 | |
| Lease receivables | (143,996) | (119,759) | |
| Net debt from leasing | 5,339 | 8,420 | |
| Net debt | 110,900 | 119,027 | |
| Adjusted pro-forma EBITDA (FY 2021) | 48,180 | 48,180 | |
| Leverage | 2.3x | 2.5x |
Comparable IFRS revenue figure for H1 2021 not available; Bikeleasing only accounted according to German GAAP prior to acquisition
# of facilitated bikes grew by +40% to ~61,000
# of corporate customers now >40,000 with >2.1 million employees
Due to strong organic cash flow, voluntary early repayment of parts of the acquisition loans in the amount of €5.7 million
Increasing the number of corporate customers on the Bikeleasing platform
Increasing the % of employees within a corporation using the Bikeleasing solution
Second strongest H1 in Palas' corporate history, except for Covid-fueled H1 2021
Palas' core business, excl. Covidrelated test rig sales, continued to grew strongly with double-digit %
Significant delay in revenue recognition due to lockdowns in China during H1 2022 (€1.9 million backlog in China alone)
Strong rebound with 17% revenue growth due to partial lifting of travel and contact restrictions
Improvement in EBITDA margin year over year, though still below the target level of 35%
Record high order backlog due to supply chain challenges with regards to semiconductor parts
(2021: €127m | +11 to +19%)
Adj. EBITDA margin
35%
(2021: 38%)
Please refer to the section Expected Developments of the Group Management Report, disclosed in our Annual Report 2021
corresponding Adj. EBITDA
€49m - €53m
(2021: €48m | +2 to +10%)
Thurn-und-Taxis-Platz 6 60313 Frankfurt am Main, Germany
Phone: +49 69 20 43 40 90 Fax: +49 69 20 43 40 971 E-Mail: [email protected] Web: www.brockhaus-technologies.com
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Executive Board: Marco Brockhaus (Chair), Dr. Marcel Wilhelm Chair of the Supervisory Board: Dr. Othmar Belker Registry Court: Frankfurt am Main Local Court Register Number: HRB 109637
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